ALISO VIEJO, Calif., Nov. 17, 2010 /PRNewswire-FirstCall/--AVANIR Pharmaceuticals, Inc. (Nasdaq: AVNR) today announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock, offered at a price of $4.40 per share. The offering is expected to close on or about November 22, 2010, subject to customary closing conditions. In addition, AVANIR has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock to cover over-allotments, if any. Jefferies & Company, Inc. is acting as sole book-running manager in the offering and Canaccord Genuity Inc., Wedbush PacGrow Life Sciences, Summer Street Research Partners, and Merriman Capital are acting as co-managers for the offering. In addition Trout Capital LLC is serving as a financial advisor to AVANIR.
Gross offering proceeds will be approximately $88,000,000, before deducting customary underwriting discounts and commissions and offering expenses. AVANIR intends to use the net proceeds from this offering for sales and marketing activities relating to its newly approved product NUEDEXTA (dextromethorphan hydrobromide and quinidine sulfate). In addition, the proceeds may be used for further clinical, regulatory and commercial development of NUEDEXTA, as well as potential business development activities and for general working capital.
Registration statements relating to the shares of common stock issued in the offering have been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and related prospectuses, when available, may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at (877) 547-6340, and at Prospectus_Department@Jefferies.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Forward Looking Statements
Statements in this press release that are not historical facts, including statements that are preceded by, followed by, or that include such words as “estimate,” “intend,” “anticipate,” “believe,” “plan,” “goal,” “expect,” “project,” or similar statements, may be forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such statements. These statements include, but are not limited to, AVANIR’s ability to successfully market and sell NUEDEXTA in the United States, the safety and efficacy of NUEDEXTA, and the anticipated timing and success of the commercial launch of NUEDEXTA. Risks that could cause actual results to differ include the occurrence of adverse safety events with NUEDEXTA, our limited capital resources, our dependence on third parties for manufacturing and distribution of NUEDEXTA, that we may not adequately build or maintain the necessary sales, marketing, supply chain management and reimbursement capabilities on our own or enter into arrangements with third parties to perform these functions in a timely manner or on acceptable terms, and other risks that are described in further detail in the offering prospectus and in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and from time-to time in other publicly available information regarding the Company. Copies of this information are available from us upon request. We disclaim any intent to update these forward-looking statements.
SOURCE AVANIR Pharmaceuticals, Inc.
